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A number of Orlando homeowners have both a primary mortgage and a second home loan or home equity line of credit. A couple of years ago 80/20 loans were very popular, where 80% of the home's value was borrowed with a first home loan, and the outstanding 20% was borrowed with an additional mortgage. This allowed 100% financing without paying private house loan insurance, and was usually provided by banking institutions and mortgage lenders throughout the country. A second mortgage or home equity line may also be taken out after the purchase so that you can make use of the equity in a home without refinancing. This too was an extremely common practice in recent years as property rates climbed quickly in many regions of the US.

Today's cheap Orlando mortgage rates have many homeowners interested in refinancing. If you're among the many with a second home loan you may be thinking, what will happen to that loan during the refinance?

Generally you have two alternatives: pay off the second home loan or subordinate it.

The first option involves obtaining one larger loan which will pay back both your current first and second mortgages. 100% funding is tougher to get these days, so you most likely need to have some capital in the home to be eligible for one mortgage with a higher loan amount.

The other option, subordinating the second mortgage, means that you simply keep the mortgage active and refinance simply the first home loan. Even if you are entitled for a mortgage that would settle the second loan along with the first, you may choose to hold onto it due to a particularly low interest rate, or to retain an open equity line you may take advantage of if needed later on. To be able to subordinate the mortgage the loan company who holds the second mortgage must agree to take second lien position, which means they might be repaid after the holder of the first home loan in the event of a foreclosure.

A lot of second mortgage lenders will agree to a subordination and offer the subordination agreement required to proceed with the refinance. It can however take some time to receive so this should be accounted for when planning the time line of your Orlando refinance.

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